Page 56 - Insurance Times December 2015 SAMPLE

shall abide by the Code of Conduct applicable (2) A corporate agent shall take the prior approval of
to corporate agents as specified in Schedule III the Authority for change of its name.
of these regulations.
30. Maintenance of Records:
(xi) The Authority shall have the power to inspect A Corporate Agent shall maintain the following records
the premises of the telemarketer or any other including in electronic form and shall be made available
premises, which the Authority feels necessary as and when required by the Authority -
for the verification of records/documents and (i) Know Your Client (KYC) records of the client, as re-
seek any document/record, record statements quired under the relevant Authority's guidelines and
of any employee of the telemarketer or make provisions of Prevention of Money Laundering Act;
copies of any documents/records at its discre-
tion; (ii) Copy of the proposal form duly signed by the client
and submitted to the insurer with ACR signed by
(xii) The telemarketer shall have to comply with any the specified person of corporate agent;
other terms and conditions as may be pre-
scribed by the Authority from time to time in (iii) A register containing list of clients, details of policy
the matter. such as type of policy, premium amount, date of
issue of the policy, charges or fees received;
(3) A telemarketer shall not be engaged with more
than three insurers or insurance related entities. (iv) A register containing details of complaints received
which include name of the complainant, nature of
26. Code of conduct for Corporate Agents- complaint, details of policy issued/solicited and ac-
(1) Every Corporate Agent shall abide by the Code of tion taken thereon;
Conduct as specified in Schedule III of these regu-
lations. (v) A register which shall contain the name, address,
telephone no, photograph, date of commencement
(2) The corporate agent shall be responsible for all the of employment, date of leaving the service, if any,
acts and omissions of its principal officer, specified monthly remuneration paid to the specified person;
persons and other employees including violation of
code of conduct specified under these regulations (vi) Copies of the correspondence exchanged with the
and liable to a penalty which may extend to one Authority; (vii) Any other record as may be speci-
crore rupees under the provisions of Sec. 102 of the fied by the Authority from time to time.
Act.
Continued on Next Issue

27. Inspection of Corporate Agent- CROSSWORD SOLUTION
The Authority has the power to inspect the records of
a Corporate Agent and performance of its activities any ACROSS DOWN
time and in case of any deficiency observed, the Author- 9. Typhoon 1. Steamer
ity may take appropriate disciplinary action. The pro- 10. Treacle 2. Open
cedure applicable for the Inspection and the Audit of a 11. Annum 3. Commercial
Corporate Agent are mentioned in Schedule IV of these 12. Uprisings 4. Annual
Regulations. 28. Suspension, Cancellaticn or surrender 13. Export 5. Start up
of Registration ….. to a Corporate Agent. 15. Sublimit 6. Cess
18. Braille 7. Economical
29. Change in ownership and/or shareholding, name of a 19. Batch 8. Density
Corporate Agent- 23. A Bill, Entry 14. Particular
(1) In case of a corporate agent, which is incorporated 24. Plea 16. Load
exclusively for the purposes of insurance interme- 26. Launderer 17. Land rent
diation, no change in ownership and/or 28. Robot 20. Fall ill
shareholding exceeding 25%, shall be carried out 30. Liaison 21. Pro rata
without the prior approval of the Authority. 31. Tonnage 22. Battles
25. Drone
27. Disk
29. Bias

52 The Insurance Times, December 2015

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